Ireland-based group Kingspan, which took over the thermally insulated panels division Terasteel from Romanian group Teraplast in 2021, announced plans to invest more than EUR 18 mln in a new production facility in Bistrita – where the first factory is located as well.

The investor was granted a RON 45.3 mln (EUR 9 mln) state aid for financing the project last year.

Although the total investment was initially planned at EUR 18.5 mln, it could be higher under the current market conditions.

"The new factory will most likely be operational in 2024, the date from which the company is committed to creating more than 60 new jobs", Cosmin Pătroiu, CEO of Terasteel, told Economica.net.

andrei@romania-insider.com

(Photo source: Facebook/TeraSteel)